A STATEMENT released by the Ibrox board this morning said the figure “reduces the potential requirement for short term financing".

RANGERS have announced that season ticket sales for the forthcoming Championship campaign are sitting at “approximately 17,000” in a statement to the London Stock Exchange.

A statement released by the Ibrox board this morning said the figure reduces the potential need for a short term loan - even though it is well short of last years' total of 36,000 sales.

Record Sport revealed this week that the Ibrox hierarchy were set to launch a new share issue in the hope of raising up to £8m to cover a shortfall caused by a season ticket boycott.

Thousands of fans have withheld payments as a battle for control of the Ibrox boardroom rumbles on. Ex-director Dave King and supporters’ groups last month launched a season-ticket trust fund in a bid to get security over the club’s main assets Ibrox and Murray Park.

Chief executive Graham Wallace last week insisted the club is in its best financial position since he joined last year.

In April Wallace published a 120-day review of Rangers' finances in which he identified the need to raise £30million over the next three years.

This morning’s statement said: “The board of Rangers (the “Board”) can confirm that approximately 17,000 season tickets have been renewed to date for the Club's forthcoming SPFL Championship season.

“This level of renewals reduces the potential requirement for short term financing as highlighted in the Business Review Summary published on 25 April 2014 particularly given the updated season ticket pricing structure for the 2014/15 campaign.

“Applications for new season ticket purchases opened on Monday and sales of season tickets are continuing. The Club very much looks forward to welcoming more supporters back to Ibrox for what promises to be an exciting league competition.

“The Board believes that whilst this level of support reduces the potential requirement for short-term financing the Board also notes the strategic objectives that it identified in the Business Review Summary published on 25 April 2014 and the related funding requirements. The Board continues to evaluate its plans in this regard and will update the market in due course.”